On October 15, Squire Patton Boggs Partner Michael Cuda was interviewed for a segment on Bloomberg TV’s “Markets” program where he discussed the price of oil and energy credit line redeterminations. Michael, based in the Dallas office, specializes in petroleum-industry turnarounds. He said Banks that lend money to energy companies are likely to slash credit lines by as much as 40 per cent when they reassess how much will be available to struggling North American producers this month. The global nature of the Oil and Gas sector means that there will be an inevitable ripple effect across a number of jurisdictions and through to the service companies across the globe that will be directly effected by ongoing negative financial pressure.
Squire Patton Boggs sponsored the TMA Global Annual meeting in Scottsdale, Arizona in October. Michael Cuda moderated a headline panel entitled “Drilling Down: Turmoil in Oil and Gas.” Michael’s insightful comments were picked up by Bloomberg in the article and this led to the interview on Bloomberg TV.
Michael was joined at the TMA conference by UK partner Susan Kelly and US partners Nava Hazan and Norman Kinel. See our earlier blog about the conference Coming Down the Pipeline: US Energy Credit Lines Face 35-40% Cuts.